asked the Minister for Transport and Power if his attention has been drawn to recent Press reports to the effect that one of the multi-national oil companies reported a record income of £309 million for the first quarter of 1974 of which £125 million arose from abnormal stock profits; and if he considers this an indication that all such oil companies made abnormal stock profits by sale of products in this country during that period.
Ceisteanna—Questions. Oral Answers. - Oil Companies' Profits.
9.
I have no responsibility for the profits of multinational oil companies.
Has the Minister responsibility for the stocks of the national oil companies and has he authority over the price charged during a specific period in 1974 by the multi-national oil companies?
The ownership of the stocks is obviously in the hands of the company. The Department of Transport and Power have a supervisory role. The question of regulation of prices does not arise in the context of the responsibility of the Department of Transport and Power.
Is it not true that the Minister for Transport and Power has a responsibility to ensure that there is a certain minimum period of supply in terms of days left? Is it not also true that these multi-national oil companies deliberately withheld oil supplies in this country until the price had risen and then made a vast amount of profit? Has the Minister got responsibility in that sense?
The vast amount of profit to which the Deputy may be referring relates to the published accounts of the companies at international level. The figures which were in the papers recently do not relate to the Irish end of their operations.
While this entire figure does not apply to us as a nation, we are satisfied that £5 million or £6 million was made by the oil companies in this country during that period.
The Deputy may be so satisfied but I am not because, if one considers the profits of international oil companies, they have the power to regulate where they take their profit anywhere between the oil-well and the petrol pump. They are integrated all the way from one to the other. They can take their profit where they like and in the place most advantageous to them. Some of the most recent figures I have seen for one of the larger suppliers in Ireland showed a loss in Ireland during the most recent period.
(Interruptions.)
This is what the record shows. I do not think the internal accounts of the major international oil companies in regard to the Irish market are meaningful because they take their profit wherever they think best.
Question No. 10. I have allowed a lot of latitude on this question.
It is a very important question.
So are all the questions. We cannot have a debate on this matter.
Is it not correct to say that the effective control of prices by the oil companies, particularly in the period referred to, has a distinct bearing on the profits of that company in our community?
Within the limitations of what I said previously.
Question No. 10.
Did I understand the Minister to say that he has no control whatever over the price fixing done by the multi-national oil companies or over any other arrangements they make?
A brief question please.
If that is the case, has he any plans to cope with the situation, especially as the Minister is a member of the socialist party?
The question relates to multi-national oil companies.
Operating in this country.
The answer which I gave originally indicated that the Minister had no responsibility for the profits of multi-nationals. The point I am making is that indeed we have no control whatsoever over the profits of multi-nationals accruing outside this country. That is a feature of the role of multi-national companies. It is an undesirable feature, but it is a fact of life. Of course we have regulations in that we are locked into the same terms as the peripheral zone of the United Kingdom. I am straying off the matter proper to the Minister for Transport and Power on whose behalf I am answering this question.
Next question.
I want an answer to my question.
The control of prices does not arise on Question No. 9.
It does.